Waukesha County Home Prices Still Rising, Despite Slower Sales

The median price of a home for sale in Waukesha County was $430,000 in November, up $45,000 from the median price of $385,000 in November of 2022, according to the Wisconsin Realtors Association (WRA). This is despite slower home sales, driven by mortgage rates that are still high, despite falling in recent months to about 7 percent. 

Michael Theo, President & CEO of the Wisconsin Realtors Association, said, “The 30-year fixed mortgage rate has been over 7% since mid-August, and thankfully, rates have been trending down since peaking at the end of October. Hopefully, that continues because high rates effectively price many first-time buyers out of the market, and high rates also keep potential sellers from listing their homes, especially if they have an existing mortgage at a very low rate.”

The WRA reported that Wisconsin’s existing home sales fell 3.4% in November 2023 relative to November 2022. Waukesha County home sales fell seven percent in November but were near this year’s average of 387 home sales per month. 

The statewide median home sale price rose 7.7% to $280,000, a full $150,000 lower than Waukesha County’s median home prices, which rose 11.7 percent month over month. 

November new real estate listings in Wisconsin grew by 7.2% compared to November of 2022, increasing total listings to 16,091 homes, slightly below the November 2022 levels. The market continues to be classified as a seller’s market with just three months of available supply. However, this is still an improvement from November 2022 when there were just 2.5 months of inventory. The WRA did not provide data for Waukesha County’s current listings and home supply.

The WRA noted that consistently strong home price appreciation and higher mortgage rates have offset any gains in family income over the past 12 months. The Wisconsin Housing Affordability Index shows the portion of the median-priced home that a representative buyer with median family income qualifies to buy, assuming a 20 percent down payment and the remaining balance financed with a 30-year fixed-rate mortgage at current rates. The index fell from 141 in November 2022 to just 127 this November, which is a 9.9% reduction in affordability.